Alien Metals to close acquisition of Elizabeth Hills silver project shortly, and plans to get down to work immediately

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Alien Metals to close acquisition of Elizabeth Hills silver project shortly, and plans to get down to work immediately

Alien Metals Ltd (LON:UFO) has updated the market on its ongoing acquisition of the high-grade Elizabeth Hill silver project in Australia.

The company is working closely with the advisors of Karratha Metals Group Ltd, the current owner of the project, to effect completion of the acquisition as soon as possible.

In the coming week, KMG will be despatching a notice of meeting to its shareholders to approve the sale of Elizabeth Hill to Alien Metals. The expected meeting date is for mid-September, with completion of the acquisition to take place shortly thereafter.

The historical data review undertaken by the company in conjunction with its technical advisors, has provided a wealth of information on the project, including prospective areas for immediate follow-up.

As such, Alien Metals plans to submit a programme of work in the coming weeks to facilitate a first pass trenching programme at Elizabeth Hill. 

“The company is eager to complete the acquisition of Elizabeth Hill as quickly as possible,” said Alien Metals technical director Bill Brodie Good.

“Importantly, we have been continuing our data compilation and planning upcoming work programmes, including the submission of a programme of work to undertake an initial trenching programme at Elizabeth Hill combined with some more detailed mapping and surface sampling.”

Elizabeth Hill is a very high-grade silver project in a tier 1 jurisdiction. Mining ceased in 2000 when silver dropped to US$4.00 per ounce.

The current price is around US$28 per ounce. 

Elizabeth Hill is historically one of Australia’s highest grade silver mines and has produced over one million ounces at an average of 2,195 grams per tonne silver.

Proactiveinvestors.co.uk

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